ET:Rupee rises from 2-month low; RBI starts applying gold curbs
The rupee rose to 54.7450 from a more than two-month low of 55.0250 earlier in the session after the Reserve Bank of India said on Monday that previously announced curbs on gold imports by banks would be effective immediately.
The Indian currency had closed at 54.80/81 on Friday. The RBI had earlier this month proposed to restrict gold imports carried out on a consignment basis by banks only when intended to meet genuine demand from jewellery exporters.
The RBI announcement on the effective date for this policy comes on the same day data showed a surge in April's trade deficit after a 138 percent jump in gold imports.
Gold prices gained 29 percent since December 2010, and the contract traded at Rs 26,752 per 10 grams on Monday.
